Maintain BUY with SOTP of Rs 256/sh (EPC at EPC standalone at 7.5x Mar-20E EPS and ~60% discount to peers). IRBs 2QFY19 Revenue, EBIDTA and PAT came in 17/ 30/62% ahead of our estimates at Rs 14.3/6.7/1.7bn. 2QFY19 toll revenues (affected by 8 days of transport strike) were 5.3% lower QoQ (post adj. for exempt Rs 96mn claim in 1QFY19).